Investment under the Sukanya Samriddhi account


What is the maximum investment I can make under the Sukanya Samriddhi account?


Under the Sukanya Samriddhi account you can make a minimum contribution of Rs. 1000 and a maximum one of Rs 1, 50,000 in a financial year provided your girl child is an Indian resident. The scheme is not available for NRI girl children. You can also open the account as a parent, a legal guardian or a natural guardian in the name of girl child.


Is there any possibility to open NRI girl child account in future.Because we live in the USA for now and later we will shift to India.Now my girl child study in USA.


Hi Puneet,
As of now, NRIs are not allowed to invest in the Sukanya Samriddhi scheme. It might change in future. We’ll have to wait to see if it does.
BB Expert


Hi Aswani,

The maximum amount that can be deposited in an account, under the Sukanya Samriddhi Scheme is Rs.1,50,000. There are several advantages if you want to invest in this account. Some of the most significant benefits of this scheme are:

• Attractive rate of interest of 8.1% per annum which is more than that offered by most other schemes in the market. This rate is to be revised by the Finance Ministry every year in the month of April. A few years ago, the interest rate was as high as 9.2%. Any changes related to rate will then be communicated to the account holders.
• Investments made under the Sukanya Samriddhi Scheme are exempt from income tax under section 80C of the Income Tax Act, 1961
• Once the girl child attains the age of 18 years, partial withdrawals for marriage or higher studies are allowed
• The account can be opened by the parent or guardian of the girl child and can be operated on her behalf until she reaches the age of 18
• Sukanya Samriddhi Scheme can be availed for any girl child who is 10 years old or less
• Birth certificate of the girl child is the main document that is required to open the Sukanya Samriddhi Account
• The maturity period of the account is 21 years from the date of opening the account
• Payment towards this scheme needs to be made for 14 years. After that the benefits continue to accrue until the 21st year of the policy
• This scheme can be opened at any of the authorized banks or at any post office
• The Sukanya Samriddhi scheme is a transferable deposit scheme and as such it can be transferred from one authorized bank to another and from post office to any authorized bank and vice versa
• Only one Sukanya Samriddhi Account can be availed in the name of one girl child. Multiple accounts are not allowed and if found, the holder will be liable to pay a hefty penalty.
• Up to 50% of the deposit amount can be prematurely withdrawn once the girl reaches the age of 18 years
• A penalty fee of Rs.50 is levied in case the account is not credited with the relevant amount by the due date
• Sukanya Samriddhi Account can be closed only when the girl child attains 21 years of age. If the account is not closed and the money is not withdrawn even after the child turns 21 then the account continues to earn interest

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BB Expert